THE 2018 BUDGET SPEECH

by
YAB DATO’ SRI MOHD NAJIB TUN HAJI ABDUL RAZAK
PRIME MINISTER AND MINISTER OF FINANCE

INTRODUCING THE SUPPLY BILL (2018)

DEWAN RAKYAT
FRIDAY, 27 OCTOBER 2017

“PROSPERING AN INCLUSIVE ECONOMY,
BALANCING BETWEEN WORLDLY AND HEREAFTER,
FOR THE WELLBEING OF THE RAKYAT,
TOWARDS THE TN50 ASPIRATION”

 

Mr Speaker Sir, I beg to move the Bill intituled “An Act to apply a sum from the Consolidated Fund for the service of the year 2018 and to appropriate that sum for the service of that year” be read a second time.

In the name of Allah, the Most Gracious, the Most Merciful.

There is no God but Allah, and Muhammad is the messenger of Allah. Send your blessings to our Prophet Muhammad SAW, and salute him with all respect.

Greetings, Salam Negaraku and Salam 1Malaysia to Mr Speaker Sir, Members of Parliament, Ladies and Gentlemen and all Malaysians from Northern Perlis to Tanjung Piai in the South as well as Sabah and Sarawak.

Many may have predicted that the 2017 Budget was an Election Budget.

This is expected as there were many initiatives and allocations announced for the rakyat and in the interest of the nation. However, their predictions were untrue.

Last week, our Indian friends celebrated the Festival of Lights or Deepavali. We wish Happy Deepavali to all. As Friday being an important day for Muslims, let’s celebrate together.

As such, I would call upon the rakyat to rejoice in receiving the gifts, rewards and incentives, which will be presented in this Budget, subject to a condition. And the condition is that you follow through this presentation from the beginning to the end.

I am standing here, on this day, 27 October 2017 or 7 Safar 1439 Hijri, to bring good and happy news, which will put smiles on every face.

This good news is for all beloved Malaysians to enjoy, regardless of race and background.

It is clear that every segment of society will reap the benefits from this Budget.

Hence, on behalf of the Government, let us first immerse and analyse on what I am about to present. Otherwise, you will miss the good news.

In building a civilised nation, we should always be gracious, forgive and forget.

ECONOMIC PERFORMANCE AND CHALLENGES

First, let us be grateful to Allah SWT for the continued positive expansion of our economy.

During the first half of 2017, the economy recorded a sterling growth of 5.7%.

Therefore, we should not fall for lies and non-stop propaganda on social media by irresponsible parties, stating that the World Bank has issued negative reports on the nation’s economy.

In fact, the World Bank has revised their forecasts on the East Asia and Pacific region.

The World Bank has revised upwards Malaysia’s GDP forecast from 4.9% to 5.2% for 2017 and commended the country’s economic performance for its laudable policies.

In addition, the Government forecasts the Malaysian economy to record an annual growth between 5.2% and 5.7% in 2017, higher than the March estimates ranging between 4.3% and 4.8%.

For the past eight years, amid economic challenges, Malaysia has made significant development in two important aspects:

First: Strengthening and deepening diplomatic and trade relations with the world’s largest economic powers such as China, India, Saudi Arabia and the United States. Furthermore, private investment has increased significantly to more than RM211 billion compared with RM81 billion in 2009.

Second: Since 2009, the country has been facing various external challenges such as plummeting global crude oil prices and international geopolitical tensions.

Notwithstanding these uncertainties, we remain steadfast in managing country’s finances, practising efficient governance and prudent fiscal discipline. With systematic and organised plans and strategies, and initiatives, the nation’s fiscal deficit is estimated to be reduced to 3% of GDP in 2017 from 6.7% in 2009. We are confident that it will be further improved to 2.8% in 2018.

As a result, three prestigious international credit rating agencies have maintained their ratings on Malaysia as ‘A-‘ with a stable prospect.

Let us all work hard to ensure fruitful outcomes……..

 

 Please click here to read the full speech.

Please click here to download the Touchpoints of 2018 Budget.

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